Changing the regards to a testamentary trust may not be as simple as you think. You see, a testamentary trust is a trust that is developed in your last will and testament (therefore, the origin of its name), and does not take impact up until you die.
As is undoubtedly obvious, altering the terms of a trust after one passes away is not where the problem lies, so where does the problem come from?
The law is incredibly rigid about requiring the rules to be observed when developing a will. This is so that the participants will have the gravity of the situation– and of their actions– impressed upon them, in addition to to protect the testator, the individual developing the will, from unnecessary influence. If the will ought to be objected to, stringent observance of the formalities will increase the dependability of evidence provided to the court.
What all of that means is that, in order to alter any of the regards to the testamentary trust, the testator will need to prepare a brand-new will to take the place of the old one, then make an effective cancellation of the previous will; or, prepare a codicil, a supplement to a will that differs or withdraws provisions in a will, which is then testified to in accord with the procedures needed of a will.
Besides the problems connected to altering its terms, the testamentary trust has a number of other downsides that you may find undesirable. To discover other options, contact your estate planning attorney today.